Fitch maintains stable outlook on India despite signs of crisis

We expect fiscal policy restraint to persist, in line with last year's result, with the budget deficit remaining within 5% of GDP. Indonesia's policy rates have been raised by 75bp since May, and the fiscal deficit is likely to remain around 2% of GDP.

Fitch believes a central factor will be the strength of official commitment to managing demand so as to deliver sustainable growth without an intensification of vulnerabilities - such as fiscal deficits, inflation and/or external imbalances.

Lastly, structural reforms which may be politically difficult to achieve - such as fuel subsidy reforms.